By Steve Gelsi, MarketWatch
Last Update: 2:35 PM ET Oct 2, 2007
NEW YORK (MarketWatch) — Oil prices of at least $100 a barrel are expected to become the norm as early as next year, as conventional supplies continue to decline and consumption in the developing world rises, CIBC chief economist Jeff Rubin said Tuesday.
“We’re in a world of triple-digit oil prices for the foreseeable future,” Rubin said at the CIBC 2nd Annual Industrials Conference. “Whether it’s $100 or $140 a barrel … is up to debate, but the bottom line is we’re in the bottom of the ninth inning of the hydrocarbon age.”